Perini shareholders back purchase of Tutor-Saliba

Perini Corp., a civil and commercial construction contractor based in Framingham, said its shareholders approved the acquisition of privately held Tutor-Saliba Corp. Terms were not disclosed. Perini said in April it would acquire Tutor-Saliba for $862 million in stock, pairing contractors that handle large public and private construction projects. Perini expects to close the transaction on Monday. Shares rose $1.63, or 6.6 percent, to $26.19. (AP)

New England School of Law will call itself New England Law | Boston as it looks to avoid confusion with other law schools with similar names and tie its identity more closely to the city of Boston. In an e-mail to students, faculty, and alumni that was made available to the Globe, John F. O'Brien, dean and professor of law, wrote that as the school prepares to celebrate its 100th anniversary Sept. 23, one way was to adopt a new "nickname." The legal name of the school will stay the same. (Chris Reidy)

Altria Group Inc., the maker of Marlboro cigarettes, is in talks to buy UST Inc., the largest US snuff producer, for more than $10 billion, people with knowledge of the negotiations said. A bid that size would value UST at 26 percent more than Thursday's closing price of $54. UST, which produces Skoal and Copenhagen smokeless tobacco, and Altria are in advanced discussions, and an announcement may come next week, said the people, who declined to be identified because the talks aren't public. Acquiring UST would give Altria about 60 percent of US shipments of snuff, a $3.7 billion industry that's growing about 7 percent a year. Altria expects cigarette consumption to decline 3.5 percent this year, forcing it to play catch-up to UST and Reynolds American Inc.'s Kodiak and Grizzly smokeless brands. UST jumped $13.55, or 25.1 percent, to $67.55, the biggest increase since at least 1980. Altria gained 29 cents to $20.95. (Bloomberg)

Federal Communications Commission chairman Kevin Martin proposed putting a nationwide swath of public-safety airwaves up for sale again after cutting the minimum price by 42 percent. The plan calls for a $750 million starting bid, compared with a previous minimum of $1.3 billion, Martin said. If the FCC approves the plan this year, the auction may start as soon as April, he said. The airwaves, known as the D-block, failed to draw the minimum at the auction in March. The D-block buyer was required to build a nationwide network that emergency personnel would share with commercial users. In addition to cutting the price, Martin said he'll spell out the requirements for bidders more clearly. (Bloomberg)

Continental Airlines Inc. said it is charging some coach customers $15 for a first checked bag, matching a similar fee levied by most other major US carriers. A spokeswoman said the fee would help offset high fuel costs, which have caused Continental and other carriers to lose money this year. The fee took effect immediately on tickets for travel in the United States and Puerto Rico, the US Virgin Islands, and Canada starting Oct. 7. Bags that exceed weight and size restrictions could be subject to additional fees, the airline said. Continental said the fee wouldn't apply to elite members of its frequent-flier program, those in first- or business-class seats, customers traveling on full-fare economy tickets, or military personnel and their families traveling on official orders. (AP)

General Electric Co. said it has been informed the Securities and Exchange Commission may recommend fines and other action for possible violations of securities law related to accounting changes the company made. GE said in a regulatory filing the notification relates GE's accounting for certain derivatives used for hedging interest-rate risk and other transactions. GE said it disagrees with a recommendation for civil action and is cooperating with the SEC. (AP)